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Estate Tax Deductions— Sections 2053, 2054 and 2058 (Portfolio 840)

Tax Management Portfolio, Estate Tax Deductions — Sections 2053, 2054 and 2058, No. 840-3rd, discusses three of the five categories of deductions permitted from a decedent's gross estate in arriving at his or her taxable estate.

Description

Tax Management Portfolio, Estate Tax Deductions — Sections 2053, 2054 and 2058, No. 840-3rd, discusses three of the five categories of deductions permitted from a decedent's gross estate in arriving at his or her taxable estate. The other two categories are the § marital deduction and the § charitable deduction. Section encompasses deductions for funeral expenses, administration expenses, claims against the estate, charitable pledges or subscriptions, taxes, and unpaid mortgages. Expenses of the estate and claims against it are deductible only if they are allowable under state law. In addition, some expenses incurred in administering property that is not part of the probate estate are deductible, provided they would have been deductible if incurred in connection with the administration of probate assets and are paid within a specific time period. Claims against the estate must have existed at the time of death, must be enforceable against the estate, and, generally, must be based upon a promise or agreement supported by consideration or be imposed by law. Section covers certain casualty losses incurred during the administration of an estate. These losses must be of the same nature as allowable for casualty losses under the income tax provisions of the Internal Revenue Code. Section is the deduction for state death taxes that replaced the former §2011 credit for state death taxes. This Portfolio may be cited as Beckwith and Berry, 840-3rd T.M., Estate Tax Deductions — Sections 2053, 2054 and 2058.

Authors

Edward Jay Beckwith, Esq.

Edward Jay Beckwith, B.S., The Pennsylvania State University (1971); J.D., Georgetown University Law Center (1974); M.L.T. (Taxation), Georgetown University Law Center (1983); Adjunct Professor of Law, Georgetown University Law Center (1984–Present); member, Bar of the District of Columbia (1975); member, American Bar Association (Sections on Taxation and Real Property, Trust and Estate Law); Fellow, The American Law Institute; Fellow, American College of Trust and Estate Counsel (Former Regent, State Chair, Substantative Chair and Foundation President); Founder and Chair, Advanced Estate Planning Institute, Georgetown University Law Center (1988–1995); member, Estate Planning Council, Washington, D.C.; member, Legal Advisory Subcommittee of the Council on Foundations; listed in the publications, the Best Lawyers in America and Who's Who In World; co-author, T.M., Estate and Gift Tax Charitable Deductions; author, 261-3rd T.M. (1991) and 261-2nd T.M. (1984); frequent writer and lecturer.

Turney P. Berry, Esq.

Turney P. Berry, B.A. (with honors, 1983) and B.L.S. (with university honors, 1983), Memphis State University; J.D., Vanderbilt University (1986); Fellow, American College of Trust and Estate Counsel (Charitable and Exempt Organizations Committee); member, Legal Advisory Subcommittee of the Council on Foundations; listed in the publication, the Best Lawyers in America; author, T.M., Private Foundations — Self-Dealing (Section 4941), and T.M., Private Foundations — Taxable Expenditures (Sec. 4945); frequent writer and lecturer on the local, state, and national level.

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